First Bancorp Q4 net income $29.7M ($0.72 EPS) down 23% YoY; loan growth 6.1% annualized

FIRST BANCORP /NC/

2023-FY EPS reported $2.53 revenue$32,816,000

Net income of $29.7M ($0.72 diluted EPS) vs $38.4M ($1.08) in Q4 2022, a 23% decline.
Full-year 2023 net income $104.1M ($2.53 EPS) vs $146.9M ($4.12) in 2022, affected by GrandSouth acquisition costs of $13.7M.
Net interest margin (tax-equivalent) fell to 2.88% from 3.32% a year ago as cost of funds rose to 1.64% from 0.36%.
Loans grew $123.1M in Q4 (6.1% annualized) to $8.2B; organic loan growth for 2023 was $464.9M (6.0%).
Credit quality strong: NPA ratio 0.37%, annualized net charge-offs 0.09%, capital ratio 15.54%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /NC/ reported the twelve months ended December 31, 2023 results: net income $104.1 million, EPS $2.53 per diluted common share.

Period: the twelve months ended December 31, 2023
Net income: $104.1 million
EPS: $2.53 per diluted common share
Result: reported results

Exact text from the filing

For the twelve months ended December 31, 2023, the Company recorded net income of $104.1 million, or $2.53 per diluted common share

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /NC/ reported the three months ended December 31, 2023 results: net income $29.7 million, EPS $0.72 per diluted common share.

Period: the three months ended December 31, 2023
Net income: $29.7 million
EPS: $0.72 per diluted common share
Result: reported results

Exact text from the filing

First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $29.7 million, or $0.72 per diluted common share, for the three months ended December 31, 2023

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Source: SEC EDGAR

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